-
作者：Aucejo, Esteban; James, Jonathan
作者单位：Arizona State University; Arizona State University-Tempe; California State University System; California Polytechnic State University San Luis Obispo
摘要：This paper studies the formation of math and verbal skills during compulsory education and their impact on educational attainment. Using longitudinal data that follow students in England from elementary school to university, we find that the production functions of math and verbal skills are inherently different, where cross effects are present only in the production of math skills. Results on long-term educational outcomes indicate that verbal skills play a substantially greater role in expla...
-
作者：Hachem, Kinda; Song, Zheng
作者单位：National Bureau of Economic Research; Chinese University of Hong Kong
摘要：This paper shows that liquidity regulation can trigger unintended credit booms in the presence of interbank market power. We consider a price setter and a continuum of price takers who trade reserves after the realization of idiosyncratic liquidity shocks. The price takers are endogenously less liquid and circumvent regulation by engaging in shadow banking, which leads to a reallocation of funding away from the more liquid price setter. This reallocation channel underlies the credit boom. Endo...
-
作者：Ayres, Andrew B.; Meng, Kyle C.; Plantinga, Andrew J.
作者单位：University of California System; University of California Santa Barbara; National Bureau of Economic Research
摘要：Environmental markets are widely prescribed as an alternative to open access regimes for natural resources. We develop a model of dynamic groundwater extraction to demonstrate how a spatial regression discontinuity design that exploits a spatially incomplete market for groundwater rights recovers a lower bound on the market's net benefit. We apply this estimator to a major aquifer in water-scarce southern California and find that a groundwater market generated substantial net benefits, as capi...
-
作者：Kang, Karam; Silveira, Bernardo S.
作者单位：Carnegie Mellon University; University of California System; University of California Los Angeles
摘要：This paper quantifies the benefits of discretion in the enforcement of environmental regulations. We identify and estimate a structural model of regulator-discharger interactions, exploiting an increase in the enforcement stringency of water pollution regulations in California. Our estimates indicate that most of the heterogeneity in punishments for observably similar violations is due to heterogeneity in discharger compliance costs rather than heterogeneity in regulator preferences. We find t...
-
作者：Combes, Pierre-Philippe; Duranton, Gilles; Gobillon, Laurent
作者单位：Institut d'Etudes Politiques Paris (Sciences Po); University of Pennsylvania; Institut d'Etudes Politiques Paris (Sciences Po); Centre National de la Recherche Scientifique (CNRS)
摘要：We propose a new nonparametric approach to estimate the production function for housing. Our estimation treats output as a latent variable and relies on a first-order condition for profit maximization combined with a zero-profit condition. More desirable locations command higher land prices and, in turn, more capital to build houses. For parcels of a given size, we compute housing production by summing across the marginal products of capital. For newly built single-family homes in France, the ...
-
作者：Holm, Martin Blomhoff; Paul, Pascal; Tischbirek, Andreas
作者单位：University of Oslo; Federal Reserve System - USA; University of Lausanne
摘要：We investigate the transmission of monetary policy to household consumption using administrative data on the universe of households in Norway. On the basis of identified monetary policy shocks, we estimate the dynamic responses of consumption, income, and saving along the liquid asset distribution of households. For low-liquidity but also for high-liquidity households, changes in disposable income are associated with a sizable consumption reaction. The impact consumption response is closely li...
